CINCINNATI  An ownership group led by local businessman Robert Castellini will assume operating control of the team, the Reds announced Wednesday.

Under terms of the agreement, Castellini will replace Carl Lindner as the Reds chief executive officer.

"Carl has meant so much to the Reds and the City of Cincinnati. As such, we are thrilled that he has agreed to continue his association with the Club as a significant partner in our ownership group," Castellini said in a press release.

"I look forward to finalizing the agreement and submitting our group for MLB approval in the very near future as we are very excited about this opportunity and are eager to get started on the work ahead."

Castellini did not return calls Wednesday because of Major League Baseball rules that will keep him from commenting.

A source said the percentage of the club Castellini's group is getting is still "moving."

According to the press release, existing owners Lindner, George L. Strike and William J. Reik, Jr., will keep an interest in the club.

Castellini, 64, is the president of Castellini Co., a fruit and vegetable wholesaler, and has ties to baseball. He is part of the St. Louis Cardinals' ownership group headed by Cincinnatian Bill DeWitt, who is that team's chairman. Castellini and DeWitt previously invested in the Baltimore Orioles.

Brothers Thomas L. and W. Joseph Williams are in Castellini's ownership group. Tom Williams is the president of North American Properties, which is headquartered in Cincinnati. Joseph Williams is the chairman.

North American Properties has offices in Atlanta, Dallas, Ft. Myers and Minneapolis.

The Williams brothers' father and uncle were major owners of the Reds from 1966 until 1984.

Three minority owners of the team put shares totalling 51.5% up for sale on March 8. That consortium included the Louise Dieterle Nippert Trust, local investor George Strike, and a subsidiary of Gannett Co., which owns The Enquirer and USA TODAY.

Assuming an agreement is reached with the Castellini group and a contract is signed, the next step in the deal requires approval by Major League Baseball owners.

While the sale would end the mystery of who controls the Reds, only time will tell the answer to this question: How much money will the new owners spend on the Reds, and what is the status of chief operating officer John Allen, general manager Dan O'Brien, and manager Jerry Narron.

O'Brien and Narron each have one year remaining on their contracts.

In 2005, the Reds' payroll was just under $62 million. Although that represented a $17 million increase over 2004's payroll, the returns were modest. The team finished 73-89, good for fifth place in the six-team National Central League Division.

Cincinnati has not had a winning season since 2000. It's the longest losing streak since the team endured 11 straight losing seasons, from 1945-55.

By way of comparison, the New York Yankees' payroll last year was the highest in the league at $208,306,817. The World Champion Chicago White Sox's payroll was just over $75 million.

Tom Williams became president of North American Properties in 1991. He was a lawyer at the law firm of Frost & Jacobs, has a bachelor of arts degree from Georgetown University, and a law degree from the University of Cincinnati.

Joe Williams has a bachelor's degree from Xavier University. The brothers were also part of the Cardinals ownership group.